Simona Jankowski, an analyst with the multinational finance company Goldman Sachs, predicted that Appe’s OLED-based iPhone 8 could cost $999 for a 128-gigabyte model, or $1,099 for the top-of-the-line model with 256 gigabytes of storage.

“We think the higher demand for the larger 5.8-inch form factor will be supported by the fact that iPhone 8 will have compelling new features not available in the smaller form factors,” like a 5.8-inch OLED display and 3D-sensing augmented reality technology, reads the note.

She told her clients in a note seen by Business Insider that the entry-level models of iPhone 7s and iPhone 7s Plus may be priced at $649 and $769, respectively, like the current iPhone 7 models. The flagship 256GB iPhone 7 Plus model currently retails for $969.

“We expect iPhone 8 to have 128 GB and 256 GB models priced at $999 and $1,099, respectively,” Jankowski and her team wrote in the note to clients. She doesn’t think Apple will offer iPhone 8 with just 32 gigabytes of storage.

Here’s an excerpt from the research note:

Relative to the 128GB iPhone 7 Plus, we estimate the new features and higher commodity prices to increase the bill of materials by over $70, which we expect Apple to offset via a $130 price increase, resulting in a starting price of $999 for the 128GB capacity and $1,099 for the 256GB capacity.

The first $1,000 iPhone can drive “meaningful upside,” reads the note.

Goldman Sachs expects these features and costs:

5.8-inch OLED screen (adds $35)

No bezel & all screen

3D sensing capabilities (adds $20)

Better & faster flash storage and DRAM memory (adds $16 to $29)

Capacity starting at 128 gigabytes

Apple-desgined A11 processor

No Home button

Biometric authentication

She believes Apple has now finalized iPhone 8’s design.

“Apple usually explores multiple designs in parallel,” explains her note. “However, with only four months left until launch, we believe Apple has now locked down the design.”

Due to the expected higher-priced iPhone 8 models, Goldman Sachs has raised its estimates further above consensus, setting its Apple price target to $170 from $164, representing ten percent upside from Thursday’s close, and raising its Apple fiscal 2018 earnings-per-share forecast to $11.50 from $11.00 versus the Wall Street average of $10.40.

Fast Company was first to report back in February that the flagship iPhone 8 model could cost north of $1,000 due to advanced technologies and premium parts.